Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow a combination, but most pick one method. A broker can run your scenario both ways to find the stronger qualifying income.

Question 2

Do these loans require a large down payment?

Accepted Answer

Most non-QM lenders want at least 10% down. Stronger credit profiles may qualify with less, but 20% down improves your rate significantly.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders require a minimum 620 score. Better rates kick in above 700. Credit requirements vary by lender and loan size.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Non-QM loans price higher than conventional or FHA. Rates vary by borrower profile and market conditions.

Question 5

How long does it take to close a non-QM loan in Vacaville?

Accepted Answer

Non-QM loans typically close in 21 to 30 days. Income document review adds time — have your 1099s or statements organized before applying.

Question 6

Which loan is easier to qualify for?

Accepted Answer

It depends on your income structure. 1099 loans are simpler for contractors. Bank statement loans often show more income for established business owners.

1099 Loans vs Bank Statement Loans in Vacaville